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Big Week for Great Canadian as Company Sells US-Based Casinos
The Canadian casino industry is evolving and changing all the time, and there are a lot of factors that seem to influence the changes in direction. Some of the biggest names in the industry are helping to shape the future, and Great Canadian Gaming Corporation (GCG) is one of the companies at the forefront of the industry. News broke a few days ago that Great Canadian has taken the step of selling off some of its US-based casinos. The company is going to be selling its three Washington State casinos for a total of around $56 million. Indeed, the establishments at Everett, Tukwila, and Lakewood are being sold to Maverick Casinos based out of Las Vegas. Exactly what GCG has decided to take this step remains to be seen, but it could have ramifications of the Canadian-US casino alliance that has strengthened in recent years. The sale of the bundle known as ‘Great American’ seems to be a step that GCG believes will have a massive impact on its ability to grow and improve. In fact, GCG CEO Rod Baker was quoted as saying, “The sale of Great American will allow Great Canadian to focus on its core growth markets as we continue to execute on our operational and development plans for 2019 and beyond.” It seems like the company may like to be more focused on developing and growing its empire abroad, and this is something that is important for the industry. There are a lot of factors that play a part in helping the casino industry in Canada grow, and GCG probably wants more occasions like the one where Great Canadian opened Shorelines Casino in Peterborough. Great Canadian has had an impressive past year or so, and the company posted wonderful second quarter growth results last year. This is why it is so important for the company to build on this, and to do as much as they can to help the industry thrive in Canada. The casino industry across Canada has a lot of work to do to get back to where it once was. We have seen that money laundering figures across Canada are more than double what they were expected to be, and this shows the darker side of the industry. But this is why positive developments are so important, and it is essential for companies to take steps that will ensure they boost the industry. Clearly GCG believes they are making the right choice moving forward, and it’s clear that it has been a massive week for Great Canadian Gaming Corporation following this move. The move could well see more Canadian companies sell their US-based assets, and, if that means more focus on the Canadian industry, then that’s okay with us!